BLOG: Is Preston the next property hotspot?

If you’re a property investor or landlord, you’re probably always on the lookout for the next new ‘hotspot’.

If improved transport links, an abundance of building and development projects and new restaurants/coffee houses are good indicators of an up and coming area, you don’t need to look any further than Preston.

Granted city status in 2002, Preston is a key location in Lancashire from both a geographical and commercial perspective. However, for a number of years, Preston didn’t quite live up to its promise. The tides have turned and thanks to millions of pounds of investment from both private and public sources into several building, redevelopment and infrastructure projects, there’s now a real optimism for the future of Preston – with some even predicting the city will experience a property ’boom’.

Recent projects in Preston city centre include Preston Guild Hall, which has seen a £10 million injection of cash over recent years and is now home to a bowling alley, crazy golf, an assault course and a restaurant. A further landmark project is the £23.3 million redevelopment of Preston’s iconic bus station, a £3 million revamp of Preston’s market and the latest stage of Preston city centre’s street makeover, which has just started, also offer significant improvements to the city. Businesses are also being attracted to the area – with much excitement around projects such as the new Harris hotel in the former Post Office, due to open later in the year.

There’s also a renaissance in city centre living in Preston, much of this being owed to the work in and around Winckley Square – an area that Lea Hough has been involved in a number of building projects.

With millions of pounds of investment and the large number of investment and improvement projects that have been completed, are underway and are planned over the coming year, there’s a real buzz about the city.

So if you’re on the lookout for a new buy-to-let investment propery, place to live or location to base a business from, Preston could just be ‘the one’.

Lea Hough offers a wide range of services for those who own or are looking to buy property in Preston. Our services include: residential property valuations, RICS Homebuyer reports and building survey reports. For commercial properties, our services include: commercial property valuations, pre-acquisition surveys, schedules of condition and dilapidations advice.

For more information or to speak to one of our property specialists, please contact us here.